What is this?

The Financial Market Authority’s (FMA) Annual AML/CFT Monitoring Report. Every year the FMA summaries their findings and opinions about the AML/CFT compliance regimes of the reporting entities they supervise.

Who should read this?

If you’re a Phase 2 reporting entity and haven’t read one of these before, it’s worth reading to get an overview of the AML/CFT Supervisors’ general expectations. If you’re a Phase 1 reporting entity and read this last year, you’re unlikely to learn anything new.

But my business isn’t supervised by the FMA, do I really need to read it?

Remember that New Zealand has this weird AML/CFT regulatory structure that basically means you need to be aware of the supervisory guidance from the DIA, RBNZ, and FMA, not just your business’ particular Supervisor.

What’s more, the FMA is the only AML/CFT Supervisor that issues one of these reports so it’s a useful resource for you to use, no matter the industry you’re in.

I’ve got five minutes to spend on this, what should I look at?

Go to page 13 and have a look at the FMA’s monitoring activity data. They give an overview of stats relating to their review and enforcement activity between 2016 and 2018.